European shares hold steady as results season steams along

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LONDON, July 31 (Reuters) - European shares struggled for direction in early trading on Tuesday though earnings updates from oil major BP, big banking stocks and a host of smaller UK companies kept things interesting beneath the surface.

Rival Standard Chartered was the biggest banking faller, however, down 3.5 percent after giving a half-year update.

Lufthansa led travel and leisure stocks higher. Shares in the German airline jumped 5 percent after its second-quarter operating income beat estimates.

Shares in French media conglomerate Vivendi gained 4.6 percent after reporting results and saying that it was considering selling up to half of its UMG music division.

Around 40 percent of the way through the earnings season and half of MSCI EMU companies have beaten analysts' expectations, with reported actual year-on-year earnings growth clocking in at 8.6 percent, according to I/B/E/S data.

A number of smaller UK companies saw some big share price moves after their results. Shares in Travis Perkins tumbled 8 percent and was one of the worst STOXX 600 performers after the building materials supplier cuts its profit outlook on the back of a weak DIY market.

Centrica and Rentokil Initial also fell after updates.

Elsewhere shares in Swiss group GAM Holding dropped more than 8 percent after it suspended its investment directed following an internal investigation.